Robinhood, the stock trading app loved by millennial investors and cryptocurrency traders, could soon be a $5.6 billion company

Stock-trading app Robinhood could be valued at $5.6 billion when it closes an upcoming fundraising round, according to a Thursday report in The Wall Street Journal.

According to The Journal's sources, the funding round is being led by Russian billionaire Yuri Miller's investment firm, DST Global.

DST Global led Robinhood's previous funding round in 2017.

Popular zero-fee trading app Robinhood could be valued in excess of $5 billion dollars — a huge increase over its previous $1.3 billion valuation in 2017 — when it closes a fundraising round that's currently in the works, according to The Wall Street Journal.